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You are purchasing a home for $220,000. The down payment is 30% and the balance will be financed with a 20-year mortgage at 9% and 2 discount points. You put down a deposit of $5,000 (applied to the down payment) when the sales contract was signed. You also have these expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $225; and attorney's fees, $600. Find your amount due at the closing.

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Based on the various payments on the home, the amount due at closing is $66,625.

What is the amount due on closing?

$5,000 has already been taken from the down payment which leaves:

= 30% x 220,000 - 5,000

= $61,000

Loan amount is:

= (1 - 30%) x 220,000

= $154,000

Closing amount is:

= 61,000 + 70 + 110 + (1% x $154,000) + 225 + 600 + (2% discount points x 154,000)

= $66,625

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